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In a statement made by the President last Friday, she responds to the improved Credit Rating that Moody has given The Philippines. Say what you will about this Administration, but since last year The Philippines has seen a continued increase in its economy and its financial outlook.

Here is the statement in full:

The upgrade of the sovereign credit rating of the Philippines by Moody’s is a major vote of confidence in the economic reforms I have undertaken since taking office.

I have made tough decisions which are now paying off for the Philippines. Moody’s values the fact that revenues are up, our deficit is under control and our budget is on the way to balance.

This upgrade has direct benefits for the people of the Philippines: for the first time in a generation, we have more money available to invest in vital infrastructure and to improve our education and healthcare system.

All of these investments will help make our nation more competitive by encouraging more investments and job creation.

Our work is not done, however, and I remain vigilant in my efforts to continue to reform and modernize our nation.